After a two -year break from the crypto currency industry, banking and financial application Sofi(Nasdaq: Sofi) He has recently announced that he would return to the crypto market and be greater than before.
Sofi made two special announcements. First, he reported that he returned to the implementation of crypto trade – a service he offered until the end of 2023. Secondly, the bank announced that it will benefit from the capabilities of crypto currency and blockchain technology to facilitate rapid international money transfers. And perhaps most importantly, Sofi is the first of the “planned crypto and block chain Innovations [their] Products and services. “Both these newly announced capabilities are expected to be released in 2025.
When it comes to cross -border money transfers, the aim is to create a more trouble -free and low -cost experience than the market. With the return of crypto trade, SOFI’s aim is to gradually expand the platform, including stablecoins, allowing members to borrow against crypto currencies and introducing them. stab features.
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The aim is to equip Sofi application with more financial service capabilities than all other applications. But will Crypto and his relevant skills be a big income driver to move the stock?
The SOFI offered crypto money trade in its application to clarify, but it closed a few years ago, due to potential regulatory problems including rental banks that offer crypto currency service to customers. Therefore, you didn’t usually see that any large bank used its own crypto currency trade platforms on their own.
In particular, SOFI became a bank in January 2022, and as part of the approval process, he had to avoid any activities related to crypto currency without a special approval from the currency auditor’s (OCC) office.
However, the announcement provided by the OCC has recently provided that the banks that have recently been rented by the Banks “provide crypto custody and execution services on behalf of customers, to support stablecoins in certain cases, to engage in certain stablecoin activities to facilitate payment, and to do more”.
On the one hand, in 2023, when he closed the crypto trade, SOI said that this was not an important part of his job. On the other hand, since SOFI closed the original crypto currency platform at the end of 2023, it is right to say that the interest in crypto currency is once again popular.
It is unclear how SOFI’s crypto trade pricing will be configured, but it will probably earn money through a percentage -based trading fee or a spread between the purchase and sales prices of each digital asset.
To be open, I don’t see that crypto trade has recently become one of the biggest income flows of the company. However, to add this feature to the ecosystem, banking customers, credit customers and so on. It can make the SOFI platform more attractive for potential customers interested in crypto.
Larger news is probably the ability to send money internationally through the SOFI application internationally. Although this is technically a crypto feature, the transactions will probably appeal to a wider group than the fans of the crypto currency, as the transactions will be initiated as US dollar. And this will be a unique feature between financial applications. With over $ 90 billion in international transfers sent from the US annually, a better way to do so may be a great draw.
Sofi’s customer base is growing quickly. Only more than 800,000 members in the first quarter have added the highest level of all time for the company. Adding crypto money trade and relevant services can help to continue this growth – even accelerating – can be a huge gain for investors.
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